“Covid-19 brings unprecedented changes in the way we do business and the way we communicate. Real transformation must take place, not just lip service,” MPC deputy director general Ab Rahim Yusoff said in a statement today.
He said 76 per cent of small and medium enterprises (SMEs) are micro enterprises with various financial, human capital, managerial capacity and market access constraints.
He advised these enterprises to address their financial management discipline and planning for cash reserve, review their business model and accelerate the adoption of digital technology.
“SMEs must quickly transform and use the online payment method for business transactions and other digitalisation applications to ensure greater efficiency and productivity in their business process,” Ab Rahim said.
In the meantime, they should proactively seek government agencies’ support in the form of grants, assistance and machinery.
He said industries and businesses must be alert for the government’s initiatives and programmes aimed at ensuring the nation’s speedy economic recovery.
“For example, MPC also has conducted various digital talks on providing insights to help the companies and industries cope with the operational stress generated amid Covid-19.
“MPC also offers work process improvement and waste reduction programmes for SMEs,” he said.
The Ministry of International Trade and Industry (Miti) is also advocating the “Readiness Assessment” for Industry 4.0’ programme which allows SMEs to be assessed under the initiative to enhance productivity and reduce dependency on foreign labour.
“Again, this programme is provided for free. Applications are still open via the Miti portal,” he said.